FxWirePro: Chinese yuan weakens as manufacturing PMI data misses expectations

• USD/CNY is currently trading around 6.9116 marks.
   
• It made intraday high at 6.9134 and low at 6.9010 levels.
   
• Intraday bias remains bullish till the time pair holds key support at 6.8979 mark.
   
• A sustained close above 6.9181 marks will test key resistances at 6.9248, 6.94 and 6.9648 marks respectively.
   
• Alternatively, a daily close below 6.8979 will drag the parity down towards key supports at 6.8628, 6.8525, 6.8210, 6.80 and 6.7813 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
   
• PBOC sets yuan mid-point at 6.8992/ dlr vs last close 6.9013.
   
• China May 2019 NBS non - manufacturing PMI stays flat at 54.3 vs previous 54.3.
   
• China May 2019 NBS manufacturing PMI decrease to 49.4 (forecast 49.9) vs previous 50.1.

We prefer to take long position on USD/CNY only above 6.92, stop loss 6.88 and target of 6.9525.